Would you accept the FIRST program that extends an offer to you?

Depends. How much is the deposit for school #2? If it's too much money to potentially lose or I wouldn't be happy about going to that school if school #1 didn't work out, then I probably wouldn't have bothered to apply in the first place. If you're OK with parting from that money if necessary, then accept at school #2 and pay the deposit to hold your spot in case school #1 doesn't work out.

A bird in the hand... I think it would be wise to accept at least one school while you are waiting to hear back. I agree that the deposits may play an important role. Also consider overall cost of admission for you to attend (out of state fees, stipends, hybrid programs that allow you to work part time, family support availability, area cost of living, etc.).

I am having a similar dilemma, since I am applying to over 10 schools this year. The interview dates range from late July to late January, so if I do get a Yes from one of the schools that interview in July or August, that is where my issue lies. I have decided that if I get a Yes from one of my top 3 schools, I am going to pay the deposit and wait for my in state applications to be processed. If I get in to a school that is in state, I may have to accept one of those over one of my top 3 schools, for financial reasons. Good luck!

Yeah, it isn't as simple as you'd think it'd be! Normally, you would think to say "Yes!" to the first accepting school but there are so many factors involved, money, location, start dates, length of program, etc. If only all schools had a more similar deadline....

Most schools give you a very short window to decide and send in the deposit. I think it would be unwise to say no to a done deal and possibly be out some money to later not get accepted at all. I was very blessed in that I was accepted to my top choice and it was the only school I applied to. My other choices had later interview cycles. Good luck!

If you do accept an early offer, and then decide to go with a latter offer, please let the first program know ASAP. It's a small world and programs understand multiple offers, but it's not professional to not inform a program of a change in plans.